Big Prize Teams with Big Oil: X Prize Snags $9 Million Shell Sponsorship Deal

PLAYA VISTA, CA / NEW YORK CITY (October 06, 2011) — The X PRIZE Foundation, the leading nonprofit organization solving the world’s Grand Challenges by creating and managing large-scale, global incentivized competitions, today announced Shell as the exclusive presenting sponsor of the X PRIZE Exploration Prize Group, which aims to foster innovation through exploration to improve life on Earth. During the three-year, nine million dollar sponsorship, the X PRIZE Foundation will address these objectives through its incentive prize model to stimulate innovation, competition and collaboration at the frontiers of space, our earth and its oceans.

“Shell has long been on the cutting edge of innovation, and we are proud to bring them into the X PRIZE family, supporting a prize group that advances innovation, exploration and tomorrow’s discoveries,” said Peter Diamandis, Chairman and CEO of the X PRIZE Foundation. “We are closely aligned in our goals to motivate and inspire brilliant innovators from all disciplines to leverage their intellectual capital to explore new frontiers that could result in significant global achievements.”

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